Category: Mid Day Movers

Macy’s Inc. (M) stock prices surged by 13.44% just before market trading commenced on August 19^th, 2021. This brought the price per share down to USD$20.51 early on in the trading day.

Solid Liquidity Position

The second quarter of fiscal 2021 ended with M stock reported roughly USD$2.1 billion in cash. The solid liquidity position allows the company to execute on its two priorities. These priorities are the driving of profitable growth with appropriate investments while de-levering the balance sheet. Their liquidity position will also facilitate the reinstatement of the company’s regular quarterly dividend. Valued at USD$0.15 per share, this will result in an annual return of cash to shareholders in the amount of nearly USD$200 million.

M Stock’s Share Repurchase Program

M stock also announced during the second quarter of fiscal 2021 that its board of directors had authorized a share repurchase program. The program will see the company purchase up to a total of USD$500 million worth of shares over time. The company also announced having voluntarily repaid USD$1.3 billion in Senior Secured Notes on August 17^th, 2021. As a result of this move, the company now forecasts exceeding its target leverage ratio. The expected ratio will be no more than 2.5x by the end of fiscal 2021, as per M stock’s projections.

Adapting to the Pandemic

The ongoing global pandemic continues to cause uncertainty, but, despite this, M stock managed to increase the traction of its Polaris strategy. The strong performance shown by the second quarter of 2021 inspires confidence that translated into a material increase in full-year guidance for 2021. The company has also adjusted its long-term Adjusted EBITDA margin target, expected low double digits at the start of the next fiscal year.

M Stock’s EPS Reports

Earnings per share came out to USD$1.08 per diluted common share and Adjusted diluted earnings per share in the amount of USD$1.29. Both reports surpass previously announced guidance for the quarter. The second quarter of fiscal 2020 saw M stock report diluted earnings per share and Adjusted diluted EPS in the amount of USD$0.28.

Future Outlook for M Stock

The company reported a strong quarter which has set the stage for a continued trajectory of success. M stock is keen to leverage the resources at its disposal to drive organic growth over the long term. Current and potential investors are hopeful that this will translate into consistent increases in shareholder value over time.

Shares of Sonoma Pharmaceuticals, Inc. (SNOA) stock were soaring today after it announced the launch of two new dental products. SNOA stock price saw a surge of 108.69% to reach $11.29 a share at the time of this writing. The stock was also gaining in the previous trading session and went up by 1.12% at closing. Let’s deep dive to explore more of it.

What’s Happening?

Sonoma Pharmaceuticals, Inc is a leading pharmaceutical company that develops and produces Microcyn® technology-based stabilized hypochlorous acid (HOCl) products for a wide range of indications. SNOA today announced the launch of its two new dental products. First, is OroGenix Oral Hygiene Rinse which SNOA stock developed with Gabriel Science, LLC. This is the second product of SNOA in the United States. The second product which SNOA stock launched along with its partner Medical Systems Solutions is Microdacyn® Oral Care. This product is launched in Switzerland and is intended for professional and consumer use.

Back in December 2020, Sonoma stock launched Endocyn® for root canal irrigation. The new product OroGenix Oral Hygiene Rinse helps the dentist and patients to achieve healthy gums, teeth, and oral cavity.

Financial View of SNOA stock:

Earlier this week, SNOA stock did announce first quarter 2022 financial results the highlights of which are as follows.

• Sonoma stock reported  $3.7 million in the quarter ended June 30, 2021, 36% lower than the same prior-year quarter.
• The gross margin for the SNOA stock was $1.5 million, or 39% of revenue as the cost of revenues was 2.2 million. The previous year’s same quarter’s gross margin was $2.3 million, or 39% of revenue.
• SNOA stock spent $2.4 million operating expenses in the reported quarter, 19% lower than the prior year same quarter. Lower employee costs resulted decrease in operating expenses.
• Sonoma stock suffered a net loss of $1.1 million from operations, 55% higher than the net loss of the prior year same quarter.
• Sonoma stock reported $2.8 million in cash and cash equivalents by the end of the reported quarter.

Conclusion:

Investors are responding positively to the launch of two new products by the SNOA stock. In the last 12 months, Sonoma stock lost 37.60%. Investors having long-term prospects need to do great research before adding this stock to their portfolio.

Vipshop Holdings Limited (VIPS) is down 5.25% in the current-market trading session at the price of $13.89 after the announcement of second-quarter 2021 financial results.

Second Quarter 2021 Financial Results

On 18th August 2021, VIPS published its unaudited financial results for the second quarter ended 30th June 2021. Net revenue for the second quarter of 2021 gained 22.8% year-over-year to RMB29.6 billion (US$4.6 billion). Total net revenue of RMB24.1 billion was reported in the same quarter of 2020. Gross profit for the second quarter of 2021 grew 20.6% year over year to RMB6.0 billion (US$922.6 million) compared to RMB4.9 billion in the prior-year same period. The number of active customers for Q2 2021 increased by 32% YoY to 51.1 million from 38.8 million in the same quarter of 2020. Total orders for the second quarter of 2021 grew by 30% year over year to 221.5 million from 170.5 million in the prior-year same quarter.

Eric Shen, CEO of VIPS,  remarked that in the second quarter of 2021, they maintained solid business momentum through the robust performance of their merchandising strategy. They noticed healthy trends across their core operating metrics. They have continued their value proposition to make them a discount platform of choice for brand partners. Their capability to offer a variety of quality products to customers at competitive prices will further solidify their leading position in China’s discount retail market, he added.

First Quarter 2021 Earnings Report

On 19th May 2021, VIPS published its unaudited financial results for the first quarter ended 31st March 2021. Total net revenue for the first quarter of 2021 grew by 51.1% year over year to RMB28.4 billion (US$4.3 billion). Revenue reported in the prior-year same period was RMB18.8 billion. Gross profit for the first quarter of 2021 improved by 54.7% year over year to RMB5.6 billion (US$853.9 million) compared to RMB3.6 billion in the same quarter of 2020. The number of active customers this quarter increased by 54% year over year to 45.8 million. Total orders for the first quarter of 2021 increased by 44% year over year to 175.5 million from 121.7 million the same quarter the previous year.

VIPS Filed 2020 Annual Report on Form 20-F

On 16th April 2021, VIPS disclosed that it had filed its annual report on Form 20-F. The annual report had covered the company’s audited financial statements for three years ended 31st December 2020. The annual report is available on the company’s official website. According to the instructions provided on the website, holders of the company’s securities can request a copy of the annual report free of cost.

LM Funding America, Inc. (LMFA), a specialty finance company, has surged a massive 9.33% in the current market after the company reported tremendous quarterly results for three and six month period of the fiscal year 2021 on Monday. As a result, LMFAstock currently stands at $5.03.

Quarterly and six month results

According to the reported results, the total net income of LMFA for three and six-month periods ended on 30^th June stands at $11.1 million. The amount of cash increased to $22.2 million. Also, as of 6^th August, the common shares outstanding were 5,414,296. LM Funding also said that during the first six months of 2021, it developed a digital asset security strategy to increase its business, and also, sponsored a special acquisition company, and closed a $103.5 million upsized IPO.

Acquisition of LMFA common stock

On 30^th July, Custodian Ventures LLC, an investment fund, filed a Schedule 13D and announced that it was acquiring some 5.2% common stock outstanding of LM Funding. David E. Lazar, Chief Executive Officer of Custodian Ventures, said on the occasion that Custodian Ventures LLC invested in LMFA due to the Company’s stated intention to explore potential acquisitions, financing activities, and strategic transactions to maximize shareholder value.

LMFA Q1 financial results

In mid of May, LM Funding announced the quarterly results for the first quarter of the fiscal year 2021, which ended 31^st March. According to those, the revenue generated during the quarter, the company generated revenue of $177,000, as compared to revenue of $341,000 during the equivalent period of 2020. The operating loss during the quarter stood at $1,728,000, as compared to an operating loss of $561,000 during the equivalent period of 2020. The net income during the quarter stood at $4.4 million, while the cash increased to $17.8 million, while it stood at $11.5 million on 31^st of December 2020.

Reverse stock split

In early May, LM Funding America, Inc. (LMFA) announced a 1-for-5 reverse stock split of its outstanding common stock. During the annual shareholder meeting, the company decided to make amendments in the company’s certificate of incorporation. Afterward, the board of directors approved a 1-for-5 reverse split. Bruce M. Rodgers, Chairman, and CEO of LM Funding said on the occasion that the reverse stock split would make available an increased number of authorized but unissued shares to pursue potential acquisitions and additional financing activities.

Agreement with Borqs Technologies

In February, LM Funding announced to have entered into a master loan receivable Purchase and Assignment agreement with Borqs Technologies. Under the agreement, LMFA agreed to purchase about $18 million of loan receivables of Borqs Technologies. LM Funding completed its obligations to purchase $18.2 million of debt during a period from 7^th January to 10^th February 2021.

Replacement of director

In January, LM Funding announced to incorporate Frank Silcox as a member in the Board of directors in the place of Martin Traber, who resigned from the board. Silcox, who originally founded the company, returned back as an independent director. Also, he served as Manager of LMFA’s subsidiary LM Funding LLC.

Future of LMFA stock

LMFA stock seems to be on a rising curve in near future, based upon recent market performances and analysts’ estimates. This is evident from the fact that EPS for this year could grow by some 49.10%. The short-term investment could create issues due to market volatility, but long-term investment in LMFA stock could yield a positive outcome. So, potential investors should keep a close watch on LMFA stock.

BHP Group (BHP) is down 7.94% in the current market trading session at the price of $69.80 after the announcement of the full-year 2021 earnings report.

BHP Reported Full Year 2021 Financial Results

On 17th August 2021, BHP released its operating and financial results for the year ended on 30th June 2021. The report disclosed an attributable profit of $11.3 billion. It included an exceptional loss of $5.8 billion. The company has announced a record final dividend of $2.00 per share, bringing BHP’s return of more than $15 billion to the stakeholders for the full year 2021.

Underlying attributable profit of $17.1 billion was reported for the year 2021. It reflected higher commodity prices and strong operational performance. Underlying EBITDA of $37.4 billion was recorded. It was driven primarily by higher iron ore and copper prices, record volumes at WAIO, and additional volumes from the Spence Growth Option.

Funding Assistance for Renova Foundation

BHP stated that it remained devoted to funding the Renova Foundation to progress the remediation and compensatory programs. These programs are meant to restore the atmosphere and reestablish societies affected by the Samarco tragedy. BHP has reported a total income statement charge of $1.2 billion given to the Samarco dam failure for the 2021 year. Compensation and financial assistance of approximately R$4.7 billion have been paid to support approximately 336,000 people affected by the Fundão dam failure. Resettlement of communities continued to advance regardless of the ongoing Covid-19 pandemic.

Woodside and BHP Created a Global Energy Company

On 17th August 2021, BHP Group announced that it has entered into a merger agreement with Woodside Petroleum to combine oil and gas portfolios by all stock-mergers to create a global top independent energy company.

According to the deal, the company’s all oil and gas resources would merge with Woodside. Woodside would own 52% of the existing Woodside share and 48% would be owned by existing BHP’s shareholders. The transaction is subject to due diligence, negotiations, and satisfaction of conditions. The merged company will have a high-margin oil portfolio, long-life LNG assets, and the financial resilience to help the energy supply needed for global growth and development.

BHP Approved Investment in Jansen Potash Project

BHP ratified $5.7 billion in capital expenditure for the Jansen stage 1 potash project. CEO Mike Henry remarked that Jansen is in line with its strategy to expand exposure to future-facing commodities in world-class assets.  This is an important milestone for BHP and will be valuable for shareholders for generations, he added.

Shares of the CleanSpark, Inc. (CLSK) stock were falling in the intraday session today on August 17, 2021. CLSK stock price saw a downtrend of 18.86% to drop at $11.14 a share at the time of this writing. The stock was also gloomy in the previous trading session and went low by 1.36% at closing. CleanSpark stock released financial results for the third quarter ended June 30, 2021 yesterday after the market close. Let’s discuss the financial results in depth.

3rd Quarter Financial Results:

• CleanSpark generated $11.9 million in revenue in the three months ended June 30, 2021. This represents an increase of  250% or $8.5 million as compared to the same period of the previous year.
• CLSK stock suffered a net loss of $16.7 million, or $0.49 basic loss per share in the reported quarter. Net loss improved as compared to a loss of $8.5 million, or $0.77 loss per share in the prior year same quarter.
• Non-GAAP net loss of CLSK stock reached $3.6 million, or $0.11 loss per share in the three months ended June 30, 2021. This represents an increase of $0.01 loss per share as compared to the same tenure of the previous year.
• Non-GAAP net income of CLSK stock for the reported quarter was $2.3 million, or $0.07 earnings per share. The previous year’s same quarter non-GAAP net income was $1.1 million or $0.10 loss per share.

CLSK Stock Nine Months Ended June 30, 2021:

• CLSK stock recorded $22.3 million revenue for the nine months ended June 30, 2021, 176% higher than the prior-year same period.
• Net loss for the CleanSpark improved by $1.72 per share to reach $16.4 million, or a $0.60 loss per share.
• Non-GAAP net loss for the nine months reached $2.7 million, or $0.10 loss per share.
• Non-GAAP net income of the CLSK stock for the nine months ended June 30, 2021, was $6.2 million, or $0.23 earnings per share.

Balance Sheet of CLSK stock:

CLSK stock had $22.2 million in cash, 10.4 million in digital currency, and  $297.5 million in total assets as of June 30, 2021. The working capital of CLSK stock by the end of June 2021 was $39.9 million.

Bitcoin Mining:

CleanSpark stock produced over 191 Bitcoins in the quarter ended June 30, 2021. The stock has produced 598 Bitcoins from the beginning of mining operations through August 14, 2021.

Wrap Up:

CleanSpark stock was falling despite reporting increased revenue in the third quarter of 2021. The stock has lost 2.30% in the last 12 months and has a market cap of 380.276 million.

China Finance Online Co. (JRJC) is down 38.61% in the current market trading session at the price of $5.00 after the announcement of a private placement of ordinary shares and warrants.

Announcement of Private Placement of Ordinary Shares and Warrants

On 16th August 2021, JRJC declared that it has entered into a securities purchase agreement with an authorized investor for a private placement of the company’s ordinary shares. Under the agreement, the firm will issue 5,743,000 ordinary shares for an aggregate purchase price of $773,700. The purchase price represents a 20% discount to the closing trading price of the company’s ADS on Nasdaq on 6th August 2021. Each ADS represents 50 ordinary shares of the company. The deal is subject to customary closing conditions and the closing is expected to take place soon.

JRJC Announced Receipt of Nasdaq Delisting Notice

On 13th August 2021, JRJC disclosed that it had received a notice on 11th August 2021 from the Nasdaq Stock Market LLC. The notice stated that the company had not been able to provide a satisfactory definitive plan to regain compliance with the $10 million stockholders’ equity requirement under Nasdaq Listing Rule 5450(b). As of 31st December 2020, the company’s shareholders’ equity was approximately $4.6 million.

JRJC Announced Management Changes

On 25th May 2021, JRJC published some changes in its board of directors and senior management. Mr. Zhiwei Zhao has resigned from his position as the Chief Executive Officer of the Company. Dr. Z. James Chen has been appointed as the CEO, effective from 24th May 2021. Mr. Zhao continues to serve as a director and the Chairman of the Board. Concurrently, with the appointment of the CEO, Dr. Chen became their executive director. Additionally, Ms. Ying Zhu was appointed as the Chief Financial Officer of the firm effective from 24th May 2021. Ms. Zhu has served as their Acting Chief Financial Officer since December 2019.

Fourth Quarter and Full Year 2020 Financial Results

On 17th May 2021, JRJC published its unaudited financial results for the fourth quarter and full-year ended 31st December 2020. Net revenues increased 12.3% year-over-year to $9.8 million in the fourth quarter of 2020. Net loss attributable to China Finance Online was $5.6 million in Q4 2020. A net loss of $3.4 million was recorded in the fourth quarter of 2019. Net revenues increased by 12.7% to $40.0 million for the full year 2020. Net loss attributable to China Finance Online was $10.6 million for the full year 2020. A net loss of $11.3 million was reported for the year 2019.

ToughBuilt Industries, Inc. (TBLT) is down 17.86% in the current market trading session at the price of $0.62 after the release of second-quarter 2021 financial results.

TBLT Announced Second Quarter 2021 Results

On 16th August 2021, TBLT released the second-quarter 2021 earnings report. The report disclosed significant year-over-year revenue growth of 132% to $15.9 million. Revenue of $6.8 million was reported in the same quarter of the prior year. The gain in revenue was driven primarily by the high demand for the company’s products in the tool industry by new customers. Moreover, it was due to follow-on sales orders of metal goods and soft goods from their existing customers.

Net loss attributable to common stockholders was $7.4 million or $0.09 per share. A net loss of $2.5 million or $0.11 per share was reported in the second quarter of 2020. Gross profit grew 41% to $3.4 million, compared to $2.4 million in the Q2 of 2020. Gross profit margins for the quarter were 21.2% compared to 34.8% in the prior-year same period. The drop in margins for Q2 was principally due to industry-wide supply chain disruptions.

CEO Michael Panosian of TBLT remarked that their second-quarter 2021 revenue grew significantly year-over-year and sequentially to $15.9 million. The increment was driven primarily by high demand from popular retailers in the US and abroad across all product lines. Besides, they recorded record Amazon sales in the first half of 2021, which is a positive signal that their brand continues to resonate with the end-user. They strengthened connections with their US and Canada-based retail partners, he added.

TBLT Launched New Product Two-in-One Scraper and Utility Knife

On 3rd August 2021, TBLT declared that it launched its ToughBuilt branded two-in-one scraper and utility knife product. This launch signifies the company’s second line of hand tools manufacturing ability. The product is currently available nationwide at Lowe’s (USA) and select independent retailers across the globe.
CEO Michael Panosian of TBLT commented that their multi-functional scraper and utility knife is the perfect tool for professional builders, painters, and serious DIY homeowners. It is engineered for high performance and designed to use easily as an alternative. They expect this product line to contribute to their revenue for coming years. This product is the first of the four products launch, anticipated in the remainder of 2021, Panosian added.

Sales Double on Amazon in First Half of 2021

On 8th July 2021, TBLT published that gross sales through Amazon raised 118% to roughly $5.48 million for the first half of 2021. The recorded sales were approximately $2.51 million in the same period of 2020. CEO Michael Panosian commented that the notable momentum of their Amazon.com sales in the first half of 2021 indicates the increasing strength of their brand across all product lines with professional and DIY builders.

Travere Therapeutics, Inc. (TVTX) stock was soaring in the intraday trading session on August 16, 2021. The bullish sentiment followed the release of positive topline interim results of Travere Therapeutics’ ongoing phase-3 PROTECT study of Sparsentan in IgA Nephropathy today. TVTX stock price saw a push of 32.94% to reach $20.54 a share as of this writing. The stock went high by 2.18% at the previous closing.

Phase-3 PROTECT Study:

Travere Therapeutics, Inc is the biopharmaceutical stock that develops and commercializes therapeutics to cure rare diseases. Sparsentan is the investigational product candidate of Travere stock that is intended to treat IgA nephropathy. A total of 404 patients with persistent proteinuria despite active ACE or ARB treatment, participated in the PROTECT study.  The statistical results show that the phase-3 PROTECT study has met the primary efficacy point. The results showed that proteinuria reduced more than threefold from baseline, compared to the active control irbesartan (p<0.0001). The treatment period was 36 weeks or nine months. The results from interim analysis demonstrated that the sparsentan showed well tolerance and consistency from the safety profile. TVTX stock is planning to apply for fast approval in the U.S within the first six months of 2022. Furthermore, the stock is also planning to submit an application to get the approval of conditional marketing in Europe.

Financial View of TVTX stock:

TVTX reported $54.6 million for net product sales in Q2,2021 as compared to $48.4 million in Q2,2020. The stock generated  $102.0 million from the net product sales in the first six months of 2021. In the first six months of 2020, TVTX stock reported $96.2 million for net product sales.

TVTX stock spent $51.8 million in research and development expenses for the second quarter of 2020. The previous year’s same quarter research and development expenses were $30.8 million. The increase is attributable to ongoing pivotal DUPLEX and PROTECT studies of sparsentan. The continued development of the pegtibatinase program in classical homocystinuria (HCU) is also attributable to this rise in R&D expenses. Selling, general and administrative expenses of $35.0 million for the Travere stock remained the same for both Q2,2021 and Q2,2020.

Travere stock suffered a net loss of $39.0 million, or $0.64 per basic share in Q2,2021, higher than $26.1 million, or $0.58 per basic share in Q2,2020.

By the end of the second quarter, TVTX stock had $522.8 million in cash, cash equivalents, and marketable securities.

Wrap Up:

Investors are responding positively to the release of phase-3 PROTECT study of Sparsentan in IgA Nephropathy. The increased revenue and operating expenses in Q2,2021 show that stock is progressing with time. TVTX stock in the third quarter will provide a regulatory update of its Phase 3 DUPLEX Study. Hence investors should keep an eye on it.